[Chugalug] A comment on the Bitcoin .. fraud
rod-lists at epbfi.com
Wed Apr 17 18:53:08 UTC 2013
Ahh pieces of 8.
Two bits, four bits, six bits, a dollar let's all stand up and Holler!
----- Randy Yates <lpcustom at gmail.com> wrote:
> 2140 is the estimated year of the last bitcoin I think. Also, bitcoins can
> be divided into 8 decimal places. If there are 21,000,000 bitcoins...you
> could also look at it like there are 2,100,000,000,000,000 units of
> On Mon, Apr 15, 2013 at 12:13 PM, Dan Lyke <danlyke at flutterby.com> wrote:
> > On Mon, Apr 15, 2013 at 7:10 AM, Stephen Kraus <ub3ratl4sf00 at gmail.com>
> > wrote:
> > > I criticize it because numerous economics professors criticize it.
> > I don't think you need to look to outside sources for reasons to be
> > skeptical of bitcoin, on the other hand there are tremendous profits
> > to be made from bubbles if you can figure out when to get off.
> > Objects have value because people collectively believe they have
> > value, but currencies also have the property where too much rarity
> > means they're no longer usable as a currency. Collector's items aren't
> > fungible, which means they don't work as currency: You have to find a
> > buyer for that specific item.
> > I believe the overall concept is flawed for a simple reason: Currency
> > supply is capped at at 21 million bitcoins. Over time bitcoins will be
> > lost, people will die and not leave codes to their wallets, hardware
> > will fail, entropy occurs.
> > Which means that the currency supply will, inevitably, shrink. This,
> > to a point, encourages hoarding, until people lose faith in the
> > currency and it collapses entirely.
> > The question is: how far off is that time?
> > So, yeah, you won't find me playing in that bubble, but if you wanna
> > soak some suckers on the rise up, no skin off my nose... And who
> > knows, that rise may last for years and years.
> > Dan
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